LIC chief said potential investors should not worry about government control post the IPO as decisions are taken by its board and not by the government
IPOReutersUpdated: February 21, 2022 4:10 pm IST
NEW DELHI:
State-run Life Insurance Corporation Of India (LIC), which is planning the country’s largest initial public offer (IPO) next month, is well capitalized, the company’s chairman M R Kumar said on Monday.
Mr Kumar said LIC’s potential investors should not worry about government control post the IPO as decisions in the country’s largest insurance company are taken by its board and not by the government, which will hold 95 per cent of stake post the IPO.
LIC is planning to sell a 5 per cent stake to raise about $8 billion next month, which could make it India’s largest IPO by far.